QuoteMedia, Inc.

What they do

QuoteMedia aggregates and streams market data from North American exchanges and over 70 exchanges worldwide and licenses it to clients through three product categories: Data Feed Services, Interactive Content and Data APIs, and Portfolio Management Systems. Portfolio products include Quotestream, Quotestream Mobile, Quotestream Professional, and Quotestream Connect. The company reports these three lines as a single operating segment because they share economic characteristics and costs. Revenue comes from recurring monthly, quarterly, or annual subscription and licensing fees, with corporate contracts typically running one to five years and auto-renewing unless 90 days' notice is given.

Revenue drivers

• Interactive Content and Data APIs — A suite of customizable software applications delivering quotes, fundamentals, charts, news, filings, option chains, insider transactions, screeners and research, embedded directly into client web pages, including the newer QMod delivery system; this category also includes Data Feed Services revenue for reporting purposes.
• Data Feed Services — Low-latency, tick-by-tick streaming market data over the Internet or dedicated telecom lines, covering equities, options, futures, commodities, currencies, mutual funds, ETFs and indices in real-time, delayed, and end-of-day formats, including Level 1 and Level 2 depth; revenue is reported within Interactive Content and Data APIs.
• Portfolio Management and Real-Time Quote Systems — Quotestream desktop, mobile, and professional products, marketed for syndication and private branding to brokerage, banking, and web portal companies, plus direct end-user subscriptions; the company describes Quotestream Mobile as a companion that syncs portfolios with the desktop applications.

Recent performance

Annual revenue grew from $18.7M in 2024 to $20.3M in 2025, but net income swung to a $2.3M loss in 2025 from a $1.3M loss in 2024, and operating cash flow fell to $1.1M from $3.7M. For the second quarter of 2026, revenue was $5.45M versus $4.93M in the prior-year quarter, with gross profit of $2.74M and an operating loss of $376,068. First-half 2026 revenue was $10.98M versus $9.75M a year earlier, while the operating loss narrowed to $1,000,954 from $1,166,802. At June 30, 2026, cash was $186,986 against total current liabilities of $6.46M and an accumulated deficit of $24.49M.

Strategy

Management continues to develop and launch new modules of QMod, its proprietary web delivery system designed for secure market data provisioning, easy integration, and search-engine-optimized responsive content. The company's stated business model depends on recurring monthly licensing revenue from each client across all product lines, with multi-year contracts that renew automatically unless notice is given 90 days before expiration. It positions itself as a single-source provider so clients avoid dealing with multiple data vendors. The 10-K also states that the company may need to seek additional financing to meet obligations, and it entered a new accountant relationship in April 2026.

Risks

• Going concern — The 10-K states there is substantial doubt about the ability to continue as a going concern, citing an accumulated deficit of $23,505,303 and insufficient cash to fund normal operations and meet obligations for the next 12 months without deferring payments or raising additional funds.
• Customer spending sensitivity — Management says the recent market downturn and rising inflation could cause clients to delay purchasing decisions or implementations, or cancel or reduce spending with the company.
• Currency exposure — Approximately 36% of revenue and 39% of expenses are denominated in Canadian dollars, and the Canadian dollar depreciated 2% against the U.S. dollar in 2025 versus 2024.
• Tariffs and geopolitics — The 10-K warns that proposed U.S. tariffs could slow economic activity and that a discriminatory non-tariff tax on digital services performed by foreign companies could increase costs, while conflicts in the Middle East and Ukraine cause global market instability.

Outlook

The 10-K states that further losses are anticipated in the development of the business and that the company does not have sufficient cash to fund normal operations and meet debt obligations for the next 12 months without deferring payment on certain current liabilities and/or raising additional funds. Management says continued operations depend on generating profitable operations in the future and/or obtaining necessary financing. It also says it will continue to monitor the Middle East and Ukraine conflicts for potential business impact.